SVB Crisis: Two top Silicon Valley bank executives dumped millions of dollars worth of stock on Friday, just two weeks before the company collapsed, a media report said. CEO Greg Baker offloaded more than $3.5 million of shares in a pre-planned, automated sell-off on February 27—which amounted to about 12,500 shares, according to a US Securities and Exchange Commission filing—the New York Post reported.
< h3 style="text-align: justify;">Newsweek reports
The New York Post also reported
The New York Post reported that Baker & Beck sold their large stakes in a legal corporate trading scheme set up by the SEC to thwart insider trading, so it’s unclear whether the CEO and CFO knew the company was just two. Will fall in the week.
Bank losses from sale of bond holdings
The firm was abruptly shut down on Friday by the California Department of Financial Protection and Innovation due to liquidity concerns. SVB disclosed that it took a loss of $1.8 billion from the sale of $21 billion of its bond holdings. The New York Post reported that it faced a cash crunch due to rising interest rates and the recent downturn in the tech sector, causing many customers to reduce their deposits.
SVB Financial shares fall 120% in two days
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